Man Group plc Invests $1.66 Million in Avnet, Inc. $AVT

Man Group plc bought a new position in shares of Avnet, Inc. (NASDAQ:AVT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 18,740 shares of the company’s stock, valued at approximately $1,664,000.

Several other hedge funds and other institutional investors have also bought and sold shares of AVT. Royal Bank of Canada boosted its position in Avnet by 3.0% during the first quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock valued at $3,447,000 after acquiring an additional 2,101 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Avnet by 16.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company’s stock worth $11,148,000 after acquiring an additional 31,919 shares in the last quarter. United Services Automobile Association bought a new position in shares of Avnet in the 1st quarter worth about $267,000. Empowered Funds LLC lifted its stake in shares of Avnet by 9.3% in the 1st quarter. Empowered Funds LLC now owns 8,142 shares of the company’s stock valued at $392,000 after purchasing an additional 696 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Avnet by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company’s stock valued at $17,012,000 after purchasing an additional 16,443 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AVT shares. Zacks Research upgraded Avnet from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Truist Financial boosted their price target on Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wells Fargo & Company increased their price target on Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Monday, July 20th. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $66.00 to $96.00 in a research report on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Avnet presently has an average rating of “Moderate Buy” and a consensus target price of $93.25.

Insider Buying and Selling

In related news, CEO Philip R. Gallagher sold 51,900 shares of Avnet stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total value of $5,110,074.00. Following the completion of the sale, the chief executive officer owned 168,923 shares of the company’s stock, valued at approximately $16,632,158.58. This trade represents a 23.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the sale, the senior vice president owned 76,674 shares of the company’s stock, valued at $6,985,001.40. This trade represents a 29.48% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by corporate insiders.

Avnet Stock Performance

Shares of AVT opened at $89.39 on Wednesday. Avnet, Inc. has a one year low of $44.25 and a one year high of $100.00. The company has a market cap of $7.34 billion, a PE ratio of 22.40, a P/E/G ratio of 0.27 and a beta of 1.10. The stock has a 50-day moving average of $89.07 and a 200-day moving average of $79.55. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.78 and a quick ratio of 0.97.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.48. The business had revenue of $8.30 billion for the quarter, compared to the consensus estimate of $7.56 billion. Avnet had a return on equity of 9.57% and a net margin of 1.21%.The firm’s revenue for the quarter was up 47.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. On average, equities research analysts predict that Avnet, Inc. will post 10.45 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th will be issued a dividend of $0.37 per share. This is a positive change from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Wednesday, September 9th. Avnet’s dividend payout ratio is presently 35.09%.

About Avnet

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.